Four out of the five supermajor oil companies are considering borrowing funds to support $15 billion in share buybacks for the latest quarter due to weaker crude prices and declining refining margins.

Analysts are predicting a 12% decrease in earnings for Exxon Mobil Corp., Chevron Corp., Shell Plc, TotalEnergies SE, and BP Plc, with an estimated combined total of $24.4 billion when their financial results are released this week.

The anticipated earnings drop is raising concerns about the long-term sustainability of these payouts, as free cash flow is projected to be 30% lower than the previous year. It is worth noting that all companies, except Shell, are expected to face difficulties in covering their dividends and buybacks with available cash flow.